The shareholders gave their approval for the dividend and endorsed all resolutions presented to them at the Annual General meeting AGM held last weekend in Lagos.
The shareholders had earlier been paid 25kobo per share as interim dividend for the 2016, totalling N7.357 billion.
Addressing shareholders at the meeting, the Group Managing Director/CEO, Mr. Segun Agbaje said “The bank reported gross earnings of N414.62 billion for 2016, showing an increase of 37 per cent from N301.85 billion in 2015. The gross earnings were driven primarily by growth in interest income as well as foreign exchange income.
“Interest income rose by 14.5 per cent to N262.5 billion, from N229.2 billion, while net interest income stood at N195.4 billion in 2016, up from N159.9 billion, showing an increase of 22.2 per cent.”
Investment and other operating income jumped by 109 per cent from N72.61 billion, to N152.1 billion. Operating expenses rose by 17.9 per cent to N113.6 billion, from N96.4 billion. Profit before tax stood at N165.14billion, representing a growth of 37 per cent over N120.69billion recorded in 2015, while profit after tax rose from N99.436 billion in 2015 to N132 billion”
A further analysis of the performance showed that GTBank’s loan book grew by 16 per cent from N1.373trillion in 2015 to N1.590 trillion in 2016, just as total deposits grew by 29 per cent to N2.111trillion from N1.637trillion in 2015.
Loans to deposits ratio reduced from 83.9 per cent to 73.3 per cent in 2016.Net margin stood at 31.9 per cent compared with 32.9 per cent in 2015. In all, total assets and contingents stood at N3.70 trillion and shareholders’ funds of N504.9 billion. GTBank’s non-performing loans remained low and within regulatory threshold at 3.66 per cent with adequate coverage of 131.79 per cent.
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